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European primary active; BlackRock offers 466.1 million CLO, managers second deal of year
By Cristal Cody
Tupelo, Miss., Oct. 4 The European collateralized loan obligation market is continuing to see action after a summer lull.
BlackRock Investment Management (UK) Ltd. is offering a 466.1 million new CLO, the firms second deal of 2017.
In the previous week, Investcorp Credit Management EU Ltd. priced 417.25 million of notes in a refinancing and reset of a 2015 CLO transaction.
Year to date, about 30 billion of new, refinanced and reset euro-denominated CLOs have priced, according to market sources.
BlackRock markets CLO
BlackRock Investment Management (UK) plans to price 466.1 million of notes due 2030 in the BlackRock European CLO IV DAC transaction, according to a market source.
The deal includes 270 million of class A floating-rate notes (Aaa/AAA/), 38.5 million of class B-1 senior secured floating-rate notes (Aa2/AA/), $20 million of class B-2 senior secured fixed-rate notes (Aa2/AA/), 27 million of class C senior secured deferrable floating-rate notes (A2/A/), 22.5 million of class D senior secured deferrable floating-rate notes (Baa2/BBB/), 25.4 million of class E senior secured deferrable floating-rate notes (Ba2/BB/), 13.9 million of class F senior secured deferrable floating-rate notes (B2/B-/) and 48.8 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. is the placement agent.
BlackRock has priced one euro-denominated CLO year to date.
The investment management firm is a London-based subsidiary of BlackRock, Inc.
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